RICHMOND - Governor Mark R. Warner today made six job announcements totaling 834 new jobs across Virginia. Intermet Corporation, one of the world’s largest suppliers of cast-metal automotive components, will invest a total of $14.3 million to expand its Radford facility. Consolidation of other Intermet facilities will result in the expansion of manufacturing capability at the New River Foundry in Radford, including a $14.3 million investment and 175 new jobs over the next 30 months.
“Intermet Corporation continues to be a key employer for the City of Radford,” said Governor Warner. “The responsiveness of state and local authorities to help the company meet its strategic objectives for this project was critical in gaining an investment of this magnitude. I look forward to the company’s continued growth and success in the coming years.”
Intermet Corporation is headquartered in Troy, Michigan. It was founded in Georgia in 1846 as Columbus Iron Works, which makes it one of the oldest chartered companies in the United States. Today Intermet operates 16 manufacturing facilities in the United States, Germany and Portugal and employs approximately 5,100 people worldwide, including 3,600 employees in the United States. Customers include most major automakers and Tier-1 suppliers around the globe.
“We are very pleased to make this new investment, which will enable our Radford operations to function more efficiently and competitively,” said Intermet President and CEO Gary F. Ruff. “An experienced and productive workforce in Southwest Virginia and the efforts of governmental officials in complementing our own financial commitment were key factors in our decision to invest in the plant.”
The Virginia Economic Development Partnership worked with the City of Radford to secure the project for Virginia. Governor Warner approved a $250,000 grant from the Governor’s Opportunity Fund to assist the City of Radford with the project. The Virginia Department of Business Assistance will provide training assistance through its Workforce Services Jobs Investment Program.
“We are very excited to hear of Intermet’s decision to make additional investments in its New River Foundry operation here in the City of Radford,” said Basil Edwards, Director, Economic Development, City of Radford. “Intermet provides quality jobs to our community and their continued success is a key component of the City’s economic future.”